Disney+ topped 150 million streaming subscriptions by the end of its fiscal fourth quarter of the year, up from 146.7 million in the previous quarter.
On Wednesday, Disney reported Core Disney+ subscriptions are at 112.6 million subs, as of the quarter ended Sept. 30, and the India-based Disney+ Hotstar is at 37.6 million.
These results come after a quarter that saw an exodus of 12.5 million Disney+ Hotstar subscriptions amid a strategy shift to move away from low-margin subscribers. The loss of key sports rights in the region also set the stage for significant churn on the Hotstar front.
Elsewhere in Disney streaming subs news, the quarter saw Hulu reach 48.5 million subscribers and ESPN+ up to 26 million.
Overall Disney’s streaming business lost $387 million in its Q4, a year-over-year improvement of 74% from a loss of $1.4 billion in the company’s Q4 2022.
Wall Street forecast earnings per share (EPS) of 68 cents on $20.1 billion in revenue, according to analyst consensus data provided by Refinitiv. Disney reported diluted EPS of 82 cents on $21.2 billion in revenue.
“Our results this quarter reflect the significant progress we’ve made over the past year,” CEO Bob Iger said in a letter to shareholders. “While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again. We have a solid foundation of creative excellence and innovation built over the past century, which has only been reinforced by the important restructuring and cost efficiency work we’ve done this year, and we’re on track to achieve roughly $7.5 billion in cost reductions. Combined with our portfolio of valuable businesses, brands and assets – and the way we manage them together – Disney has a strong hand that differentiates us from others in our industry. As we look forward, there are four key building opportunities that will be central to our success: achieving significant and sustained profitability in our streaming business, building ESPN into the preeminent digital sports platform, improving the output and economics of our film studios, and turbocharging growth in our parks and experiences business. We have already made considerable advancements in these four areas and will continue to move forward with a sense of purpose and urgency, and I’m bullish about the opportunities we have before us to create lasting growth and increase shareholder value.”
Disney stock closed Wednesday at $84.49 per share. The regular U.S. stock markets will reopen Thursday at 9:30 a.m. ET.
Iger and other Disney executives will host a conference call at 4:30 p.m. ET to discuss the quarter in greater detail.
More to come…